Many cyclists are happy to have their home insurance cover their bikes because it’s usually inexpensive. However, don’t assume your bike is covered. Home insurers will usually place limitations and exclusions on how your bicycle can be used. Home insurance simply wasn’t designed to insure the modern cyclist.
Understanding home insurance
Once outside the home, almost no home insurance covers accidental damage, personal accident, public liability or any of the other benefits usually associated with specialist bicycle insurance. We recommend you carefully assess the level of bicycle insurance cover you have on your home insurance and what your exposure is in the event of claim.
Home insurance limitations
- Low maximum cycle value
- Restrictions on how your bicycle can be used
- Excess amount of up to £500
- You could lose your home no claims bonus
- Excludes competitions
- Usually doesn’t cover accidental damage, personal accident or public liability away from the home
Understanding membership insurance
Many cyclists are happy with their membership insurance provided by British Cycling or the British Triathlon Federation as it comes free with the membership or at little additional cost. However when compared to a specialist bicycle insurance product, there are many downfalls.
Membership insurance limitations:
- If you take part in any competition or organised event that isn’t approved by your federation, you won’t be covered.
- Third party liability insurance doesn’t cover member to member accidents in competition or timed events. This essentially means that whilst you may think you are covered, if you have an accident with a fellow cyclist you are not insured.
- Does not cover personal accident, only Third Party Liability. British Cycling’s top membership (£70) provides some personal accident cover although loss of earnings and medical expenses are not covered.
- Membership insurance (British Cycling) does not cover the bike itself against theft.
- Some members believe their bike is protected for accidental damage to their bike, which isn’t the case.
Wiggle cycle insurance has got you covered
Try cycle specific insurance by Wiggle cycle insurance. We’ve made it easy for cyclists to find the right policy for your ride and your pocket. We offer three straightforward policies packed with extensive benefits to provide cyclists with cover they can rely on, unbeatable value, and a claims service that will get you back on your bike as quickly as possible.